COST. Costco

Costco is approaching the $100 level. It seems to be impervious to what happens in the macro economic world, or perhaps it is just well suited to thrive in that sort of a competitive environment. We are not sure how to label this in EW terms, but we are pretty sure that this stock is forming a wedge in a Mnt. Everest type of peak. It is doubtful that this stock will get much above $95 and since the next stop could be some $50 lower we would get off this train, plain and simple.